As the financial-crisis clouds begin to lift, Heineken, British American Tobacco, and Imperial Tobacco Group are worth considering.

European consumer stocks could now have their moment in the sun as the region's fully valued equities markets prompt investors to scout for undervalued companies.

Stock markets have had a good run in the past 18 months as Europe gradually overcame its financial ills. During that time, investors plunged back into the sort of assets that were hardest hit in the wake of the 2008...